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The phrase "a rapidly growing component of" is correct and usable in written English.
It can be used when discussing an element or aspect that is increasing in significance or size within a larger context.
Example: "Renewable energy has become a rapidly growing component of the global energy market."
Alternatives: "an increasingly important part of" or "a swiftly expanding element of".
Exact(4)
MEMS devices represent a rapidly growing component of the semiconductor industry.
Emissions from cars, trucks, buses and other vehicles in the booming cities of Asia, Africa and Latin America account for a rapidly growing component of heat-trapping gases linked to global warming.
BACKGROUND: Pharmacogenomics is a rapidly growing component of personalized health care, and nurses must be competent to deliver genomic-focused nursing care.
Given the existing shortage of higher-level health professionals in developing countries [ 12] and the difficulty of their deployment in rural settings, CHWs comprise a possible useful health resource for the long-term and are a rapidly growing component of the health workforce in many countries [ 13].
Similar(56)
Online giving – A growing component of donations at traditional nonprofits.
Furukawa has a 63percentt stake in Optical Communications Products, a rapidly growing optical components company whose customers include Cisco Systems and Alcatel; it went public on Nov. 3, raising $115.5 million.
On a five-mile circuit that feeds about 1,400 customers in San Bernardino County, a rapidly growing area east of Los Angeles, sensors measure the temperature of cable ducts and other components, allowing controllers to load them without risk of overheating.
Heart failure (HF) affects a rapidly growing population of patients.
There's now a rapidly growing glut of unsold houses.
Higher plants possess a rapidly growing list of CAM targets with a variety of cellular functions.
The design of proteins and peptides as molecular receptors is a rapidly growing area of research.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com