Yes, COMPONENT is a Scrabble word!

Letter values in Scrabble US: C 3, O 1, M 3, P 3, O 1, N 1, E 1, N 1, T 1.

Is it a valid word?

COMPONENT is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an abstract part of something
something determined in relation to something that includes it
an artifact that is one of the individual parts of which a composite entity is made up; especially a part that can be separated from or attached to a system

Also: component part.