Why was the discovery of electromagnetic induction significant?
EM induction is important because it is used to generate electricity from magnetism and is of huge commercial importance.
In today's world, the principle of EM induction is exploited in electric generators to generate electric power. All electrical advances, technological progress owes it's advancement to the discovery of electromagnetic induction.
When it was first discovered, someone asked Faraday, "What is the use of it ?"
Faraday replied, "What is the use of a new born baby ?"
The phenomena of EM induction is not merely of academic interest. It is one of the pillars supporting modern day development : Globalization, Industrialization, and Urbanization.