Ok, I believe I have a better understanding now. What you would like is for the red part of your ship to glow in a sort of “on” state that shows that the ship is powered. Then when the ship gets ready to take off then that light would intensify.
I believe this tutorial on animating and calling materials within blueprint and matinee will help. It involves setting up a material and then calling that material on play. Lastly, it tells the camera to play the animation.
You would have to adjust the materials to reflect an emissive changes as opposed to just the diffuse.
This is UE4’s official wiki and has many more tutorials such as this for any further questions. It is also a great tool for reference for any future projects you may have.