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The phrase "an increasingly important component" is correct and usable in written English.
It can be used when discussing something that is becoming more significant or essential over time in a particular context.
Example: "In today's digital age, data privacy has become an increasingly important component of online security."
Alternatives: "a progressively vital element" or "a more crucial factor".
Exact(60)
Tourism has become an increasingly important component of the sector.
Virtual learning environments are an increasingly important component of individualized learning in STEM domains.
Since 1970, archival and manuscript collections have become an increasingly important component of the Day collection.
Study abroad is an increasingly important component of an undergraduate degree.
"How brands will deal with their competitors' advertisements is an increasingly important component of the overall marketing strategy," she said.
Management is a difficult profession, and the environment is becoming an increasingly important component in decision making.
Liquid crystal displays (LCD) are an increasingly important component in the electronics industry.
Squatters form an increasingly important component of rural demographies in many countries.
Acquiring and representing biomedical knowledge is an increasingly important component of contemporary bioinformatics.
Genetic testing is an increasingly important component of cancer care, particularly for women with breast or ovarian cancers.
International education is an increasingly important component in the best students' experience and doesn't just benefit those students who get an opportunity to study abroad.
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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