IS THERE GOING TO BE A REPLACEMENT PRODUCT FOR ADOBE FLASH PLAYER??
No, Adobe will not make a replacement for Flash Player. 3 years warning was given, to let the companies who make Flash web sites change them to work differently. If any companies haven't done that, then their web sites will die.
From Adobe no. But many people are working on things to allow Flash files to continue playing in the future. Ruffle.rs is a well known one for internet sites. The idea is to take a Flash file and convert it during its load into a modern standard like Html5 or webassembly. Supposedly removing old security issues in the process and possibly allowing use on mobile devices too. A work in progress but every solution starts somewhere.
Ive personally had success with using SuperNova SWF Enabler to play flash files.
You can also find the official Standalone SWF Player here to play your saved .swf files offline. https://www.adobe.com/support/flashplayer/debug_downloads.html Download and install "Flash Player Projector" then load your saved swf file with it. Provided the swf file needs no internet connection to work it should play perfectly. While that is the official offline player there are many others created by individuals.
https://bluemaxima.org/flashpoint/ Is working to let people play from their archive of swf files without the old Adobe Flash Player. You can also add to the archive or request additions.
The browser Puffin is also being created as a substitute for the old flash player.
There are many solutions if one looks.
This has been answered already though I will just add some extra information.
The Flash format and plugin/player that runs it in a browser has been discontinued. This has been because there is a move away from browser plugins/players. Over the last few years, developers have been moving to HTML5, which is natively supported by modern browsers, as a main alternate/replacement for Flash.
So, on the question on whether there will be another player developed to suport Flash content, as has been said - No.
On the question of what can be used to replace what Flash offered, the answer is HTML5 to a degree. It does depend on what exactly is needed.