Are there any applications that can help reduce wear and tear on the Power button?

The above symptom may occur on the following systems:

IdeaPad Tablet

There are widgets available that will lock your device, reducing the need for you to press the Power button so as to switch your device off.

Examples of this include: Powerful Switchman, Beautiful Widgets, HD Widgets

Once you have sourced for one of these in the App store you can add it as a widget and enable the Lock feature. To activate, press on the Lock icon and it will switch off your device, and can also function as a power switch.