The term 'Turbine Component' can be summarized as the ROTOR, which is a five-letter word. The ROTOR is an essential part of a turbine, which is a machine that converts energy from a fluid into mechanical energy. It consists of a set of blades mounted on a shaft that rotates when the fluid passes through it. The ROTOR is responsible for transferring the energy from the fluid to the turbine, thus allowing it to generate power.