Ok so the issue im running into is how to make a low magic game with spellcasting classes. I can give all material components a cost but then that leaves the spells without components. If anyone could help it'd be greatly appreciated.

For a little context my next game is taking place on a stretch of uncharted land thats only accessible through this tear/portal in the fabric of reality. Any magic learned/inherited/gained in the original world is lost upon entering this new place since its disconnected from the weave and has its own source of power. Meaning anyone venturing into this place will have to learn how to harness this new source of magical energy if they wish to cast magic here.

Magic items will be extremely scarce and only found through black markets and very rarely through encounters. The main source will be through crafting thus giving the players something to spend money on and use downtime for. But when it comes to actual classes and spells im completely at a loss, how do i make their magic seem rare and limited while also keeping it fair and balanced?