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What is Induced Current or Induced Voltage?

Just as a current flowing through a wire will
produce a magnetic field, so a wire moving
through a magnetic field will have a current flowing
through it. This is called electromagnetic induction
and the current in the wire is called induced current.

A stationary wire in the presence of a
changing magnetic field also has an induced current.
A changing magnetic field can be produced either by
moving a magnet near to the stationary wire or by using
alternating current. A stationary wire in a magnetic field
which is not changing will have no current induced in it.

You will sometimes see this effect described as
induced voltage. Strictly speaking, you will only get an
induced current in the wire if it is part of a complete circuit.
A wire which is unconnected at both ends will have a
difference in voltage between the ends (a potential difference)
but current can only flow when the wire is in a circuit.

Induced current is used
in electricity generation and transformers.

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