I'm using git submodules to build and share components between projects. The projects are not in production yet, so at this point submodules are serving them well.
But I'm concerned about maintenance and deployment. Would it be a good idea to transform the submodules into npm packages?
An npm package will allow fragmentation across different package versions. On the other hand, git submodules have a bit of a learning curve, and the tooling is really not that good. With git submodules, you have all the source in one folder.
If it's at all possible, I'd recommend using a plain monorepo for all projects. You may need to create build time variables (via babel plugin/s), you may need some sort of "live config" get served from the backend. I worked with git submodules for a year and I've recently worked with a project that uses npm to share code.
I would recommend using only one git submodule, for all shared code, instead of several submodules. I would strongly consider using lerna, and use your one git submodule to track lerna's packages directory. And if the team decides they don't like git submodules, you can easily make this repo a (../sibling) git repo, instead of a submodule. However, above all this, I'd recommend using a plain monorepo.
Here's a great talk on monorepo's from Netflix: https://www.youtube.com/watch?v=VNqmHJtItCs (strong focus on discouraging npm-style packages)
Here's google's infamous monorepo talk: https://www.youtube.com/watch?v=W71BTkUbdqE
This is a great site to read to help you think about good development flows: https://trunkbaseddevelopment.com/ (it primarily advocates for the monorepo approach)
If you are developing software for different clients(different people/companies paying you for similar projects), and have some agreement that they should be at least ~80% the same, you may really enjoy using build flags to help get started on splitting functionality, but I'm sure you should very proactively keep the code around the build flags clean, and refactor into re-usable components/packages. Give each client some sort of build-flags.json. Build flags should be named for features only, which in theory can all be individually toggled. Some code may be totally custom for each project, in this case, you may want to consider using dynamic imports, but generally this is a pain point I have yet to fully cross, although I have plenty of unrefined ideas around this.
If a monorepo is just not happening, I would actually recommend using npm packages+separate repos over git submodules, assuming you can do good semantic versioning of the package. (And, yalc seems to be a good tool for linking together packages, as opposed to the standard npm/yarn link)