It Is an undersized orifice. Reduced or restricted capacity trim is used for several reasons;
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Adapts a valve large enough to handle increased future flow requirement with trim capacity properly sized for pressure needs.
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A valve with adequate structural strength can be selected and still retain reasonable travel vs. capacity relationships.
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A valve with a large body using restricted trim cannot be used to reduce inlet and outlet fluid velocities.
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It can eliminate the need for pipe reducers.
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Errors in over sizing can be corrected by use of restricted capacity trim.