Etymology
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replacement (n.)

"act or fact of being replaced," 1790, from replace (v.) + -ment. Meaning "something that replaces another" is attested from 1894.

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Definitions of replacement

replacement (n.)
the act of furnishing an equivalent person or thing in the place of another;
Synonyms: replacing
replacement (n.)
someone who takes the place of another person;
Synonyms: surrogate / alternate
replacement (n.)
an event in which one thing is substituted for another;
the replacement of lost blood by a transfusion of donor blood
replacement (n.)
a person or thing that takes or can take the place of another;
Synonyms: substitute
replacement (n.)
filling again by supplying what has been used up;
Synonyms: refilling / replenishment / renewal
replacement (n.)
a person who follows next in order;
Synonyms: successor
From wordnet.princeton.edu