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The "return of the mighty British Empire" is as much possible as a "return of the mighty Assyrian Empire" -- Britain as a project is in disintegration and has been since 1920 with the Irish leaving and soon the Scottish (the latter is only a question of when, not if)

The British Empire was possible due to a weakness in Spain in the late 1600s, then in France in the 1700s when Louis XIV focused on wars with the Holy Roman Empire on the continent and also due to the disintegration of the Mughal Empire in India

for the Mughal Empire piece remember that until the end of Aurangzeb in 1707, the English had to go cap in hand and had no chance against this unified Empire. Aurangzeb went against the policy of his grandfather Akbar who had a strict "all religions equal" policy while Aurangzeb was a strict Sunni. this created tensions in India and within a few years of Aurangzeb's death, the Maratha confederation took over much of the empire, but they were a very, very loose confederation and the BRitish played one against the other to win.

ditto in China which was also conquered by the invading Manchu (Qing dynasty) and fought brutal wars against them -- a disunited empire open to outside interference

The British Empire was a product of its time and has no chance of rising again.