The rotary regenerator (also called the heat wheel) is an important component of energy intensive sectors, which is used in many heat recovery systems. In this paper, a model-based analysis of a rotary regenerator is carried out with a major emphasis given to the development and implementation of mathematical models for the thermal analysis of the fluid and wheel matrix. The effect of heat conduction in the direction of the fluid flow is taken into account and the influence of variations in rotating speed of the wheel as well as other characteristics (ambient temperature, airflow and geometric size) on dynamic responses are analysed. The numerical results are compared with experimental measurements and with theoretical predications of energ...