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If permanent magnet excitation is used then there is no energy lost in a current excited field. However, there is no easy direct ability to adjust field excitation. Thus, the output has to be converted to DC or chopped into small pieces for voltage regulation.
A coil type field allows for adjustment of the magnetic field intensity. Here the problem is how to eliminate slip-rings. A rotating transformer can be used.
In a three phase machine there is a rotating magnetic vector in physical space of approximately constant magnitude.
If this is a motor, then the vector is generated by the three phase coils.
If the motor is a synchronous type, then there is a constant DC field from the rotor that is dragged around by the rotating field in exact frequency synchronization, but with some phase lag resulting from the torque on the rotor. Excessive torque load will cause loss of synchronization.
If the motor is an induction type, then there has to be slip to induce current in the rotor. The amount of slip is a function of torque until a breakdown point.
If a synchronous motor shaft is mechanically driven, then the motor becomes a generator with the rotating magnetic field being created by the rotor rotation. This induces the the three phase voltages in the stator coils. Exact sync exists between the shaft and the output voltages.
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