If Sauron had won, then yes we could have expected industrial expansion but with an actively horrifying intent towards the beauty and peace of Middle Earth; as opposed to amoral industrial western countries.
The worst excesses of the 'machine' in our world would have been taken to their nth expression of destructive capacity.
However, I suspect that the Valar would have interceded before Sauron marred forever the whole beauty of Arda.
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