A regenerator is a type of heat exchanger used in thermodynamic cycles to recover waste heat from exhaust gases and reuse it to preheat the working fluid. This process improves the efficiency of systems such as Stirling and Ericsson cycles by reducing the amount of fuel needed for heating, thus conserving energy. By facilitating heat transfer between the exhaust and incoming working fluid, regenerators play a critical role in enhancing thermal efficiency in these cycles.