What is the significance of praying upon the Prophet, peace be upon him, and is he in need of it, or are we the ones who need him to pray for us?

Allah Almighty commanded prayers upon His Prophet, peace and blessings be upon him, and it is an obligatory duty upon every Muslim. Its meaning is to ask for an increase in Allah's praise and exaltation of him. It is evidence of the Prophet's merit and high status, and it brings great reward to the one who prays.