Rolls-Royce’s (LSE: RR.) share price has experienced a pullback recently. After surging around 2,300%, it has come down a few percentage points.

I don’t think the rally’s over though. In fact, I can see a scenario where the share price continues rising for the next 10 years.

A profit story

The story over the last four years has mainly been about profit growth. While revenues have climbed a healthy amount – recovering from a pandemic-related slump – profits have exploded thanks to a transformation programme implemented by CEO Tufin Erginbilgiç.

Back in 2022 – before Erginbiliç took over – Rolls-Royce’s full-year operating profit was just £652m. This year, the company is expecting £4.7bn-£4.9bn – over seven times more.

Now a revenue growth story

Looking ahead, I reckon we may see Rolls-Royce become a revenue growth story too. Because the company now has a number of major drivers. And these are long-term in nature. That’s why I reckon the shares could continue to perform well for the next decade.

Defence spending

One major growth driver’s likely to be the defence industry. Here, NATO countries are looking to increase their defence spending budgets to 5% of GDP by 2035.

Given that Rolls-Royce makes engines for combat jets, helicopters, aircraft carriers, armoured vehicles and more, it looks well-placed to benefit from this increase in spending. It should fuel top-line growth.

AI power needs

Another key driver’s likely to be AI and data centres. Data centres need vast amounts of power to maintain their operations. And what does Rolls-Royce specialise in? Power systems.

An example of its technology that is used here is its mtu Series 4000 L64 engines. These are high-power gas generators built specifically for mission-critical applications that can ramp up to 100% load within less than a minute.

I expect these systems to be in high demand in the years ahead as companies like Amazon and Google build out their data centres. These companies want to ensure 99.999% uptime.

The nuclear energy boom

We also have the nuclear energy renaissance. This looks set to be another major long-term growth driver for the company.

Here, Rolls-Royce specialises in Small Modular Reactors (SMRs) – factory-built transportable reactors that can be positioned closer to the grid. Over the next decade, the market for SMRs is projected to grow more than four-fold, so there’s plenty of potential here.

Narrow-body engines

Finally, there’s a major opportunity in narrow-body plane engines. Here, Rolls-Royce is developing the UltraFan 30 geared turbo fan in an effort to re-enter this area of the civil aviation market.

According to the company, this market could be worth as much as $1.6trn in the decades ahead. So again, there’s significant potential.

A 10-year opportunity for investors?

Now, I’ll point out that I don’t expect Rolls-Royce shares to produce positive returns every single year over the next decade. History suggests that markets will have a wobble or two at some point over the next 10 years, leading to negative annual returns for most stocks on one or more occasions.

But taking a 10-year view, I see the potential for significant share price gains from here. So I reckon the shares are worth considering today, despite the fact that they sport a relatively high price-to-earnings (P/E) ratio of 34.

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Edward Sheldon owns shares in Rolls-Royce Holdings and Amazon.