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The phrase "significant component" is correct and can be used in written English.
It is commonly used to refer to an important or essential part of something. Example: In order to understand the full impact of climate change, it is important to consider each significant component, such as rising ocean levels, changing weather patterns, and loss of biodiversity.
Exact(59)
Oil is a significant component of all those calculations.
So it's probable that robotics becomes a significant component of nation state warfare.
It was not a terribly significant component of the labor force.
A significant component of Lancashire's heritage will soon disappear from view.
Scarlett has teased out the sexual unease which is a significant component of the titular anxiety.
In the last decade, options have become a significant component of executive compensation in many industries.
Digital signage and digital billboards were a significant component of political campaigning.
Convincing consumers to change their behavior is a significant component of the sustainability agenda.
Journal fees account for a significant component of universities' costs, which are being passed to their students.
But I'm convinced that wearable technology is the future, or at least a significant component of it.
For Goldman partners, the annual growth of their stakes in the firm was a significant component of their compensation.
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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