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If political and economic reforms in Spain had allowed it to industrialize early in the 19th century, could Spain have become a major colonial empire again?

This could be in the form of vassalizing or re-colonizing former Spanish colonies in the Americas, or conquering new territory in Asia (e.g. Indochina) and later participating (more heavily) in the Scramble for Africa.

How would Romantic nationalism and the period of New Imperialism have affected all this? Considering that Britain, France, Germany, Portugal, etc. attempted to develop ideological justifications for their colonial empires, as well as Manifest Destiny in the United States, then would some sort of "neo-conquistadorism" emerge in Spain?
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