option1.js

const renderGridRowCell = (colConfig, row, index) => {
  const CustomValue = colConfig.component;
  const value = CustomValue ? <CustomValue data={ row }/> : row[colConfig.field];
  
  return <td key={ index }>{ value }</td>;
};

option2.js

const renderGridRowCell = ({ Component: component, field }, row, index) => (
  <td key={ index }>
    {
      Component ? <Component data={ row }/> : row[field]
    }
  </td>
);