Development Details
From Space Engineers Wiki
Engine
Space Engineers is based on a proprietary graphics engine developed in-house by Keen Software. The Graphics engine is known as VRage. The engine focuses on volumetric objects and structures which are composed from cube-like modules and fitted together on a grid (similar in some aspects to Minecraft). However, there appears to be a more sophisticated take on objects and how they act when force or inertia is exerted on them. Terrain is voxel-based and fully destructible and deformable. First person and 3rd person cameras are supported.