This is the 946th most frequent Russian word.
ракетный
"Raketnyy" means "missile" or "rocket-related."
The word 'ракетный' (rocket, pertaining to rockets) is used here as an adjective modifying the noun 'двигатель' (engine), showing it relates to rockets.
Ракетный двигатель используется для перемещения в космосе.
A rocket engine is used for space travel.
In this example, 'ракетный' (rocket) describes the noun 'спорт' (sports), and metaphorically implies a high-powered or dynamic kind of sport.
Ракетный спорт набирает популярность среди молодежи.
Rocket sports are gaining popularity among the youth.
Here, 'ракетные' (rocket) is describing the noun 'системы' (systems), directly relating to rocket functionality or technology.