Power reducing formulas are trigonometric identities used to simplify the expressions of trigonometric functions with higher powers (e.g., sin²x, cos³x) in terms of basic trigonometric functions (sin x, cos x, tan x). These formulas involve substituting the higher powers with equivalent expressions using the Pythagorean identity and half-angle formulas. They simplify trigonometric equations and identities, making them easier to solve and apply in various mathematical and real-world applications.