It can be fully rotated by pressing r (as the default key) while holding and moving the left mouse button.
Gears that are placed beside each other will interlock and move contra-rotating like real gears. They do not, however, actuate or influence any other objects or materials; their movement is purely decorative at present.
Gears also cannot be used as activation devices when being wired. Instead they are receivers that can be started, turned on or off by actual activation devices.
The Industrial Gear is part of the Industrial Super Bundle that was launched during update R44 in June 2017, and can only be crafted (default crafting key is Q) after buying the Super Bundle in the Store.
Industrial Gears as crafted items are also included in the Industrial Pack and in block/item kits that correspond with Industrial Blueprints, but none of them will include the according crafting recipe.
To craft 4 Industrial Gears at a time, you will need (as of June 2017)
The animation of Industrial Gears can be switched on or off directly by clicking the right mouse button or typing f as the default key while pointing at a gear with the cursor.
Industrial Gears can also be wired up with activation devices like Switches, Number Pads, Sensors or Pressure Plates. They will then serve as receivers and can either be switched on or off. Their interactivity can be toggled and defined with permission settings.