A piping system for housing system components for regulating the flow of fluid therethrough is provided. The piping system includes an inner small diameter length of piping through which hot fluids flow, an outer larger diameter length of piping surrounded by cold fluid, and an annulus between the small and larger diameter piping in which the system components are received. Insulation material extends about a predetermined section of the small diameter length of piping for restricting heat transfer therefrom to the system components in the annulus and allowing heat transfer from the system components in the annulus to the outer piping.