It seems to me like this was the classical era equivalent of a water mill, and while my understanding is that it was only used for grain, I can't imagine how it never developed into the textile mills we started to see in the late Renaissance period.
Hi there -- you may be interested in this recent answer by /u/iphikrates to a very similar question. The short answer is that mills themselves do not an industrial world make -- the process of industrialization requires many more contingent factors, such as a concentration of capital, a supply of labor, a demand for the product being produced, etc. This is much like the mistaken assumption that the printing press led to a demand for written material -- the demand for written material drove the invention of the press, not the other way around.