[2]
Balloon symbols or instrument bubles are circular P&IDs symbols representing a system's instruments or control functions.
[2] A circle symbol is comprised of 3 characters:
The first top letter indicates the parameters being controlled. E.g., flow = 'F', temperature = 'T', level/pressure = 'L', etc
The second top letter indicates the type of control device used. E.g., transmitter = 'T', valve = 'V', etc.
The bottom number indicates the loop (tag) number, i.e., the control circuit the device is part of. It's called a loop number as circuits are physically/conceptually closed feedback loops where devices (sensors, controllers, controllers) reads and sent a data in loops.
The line or the absence of a line indicates the device's location.
[3]
A valve is a mechanical device used to start/stop/regulate liquid/gas flow in a pipe, with its standard symbol represented as two triangles facing each other