What you are describing is not rotating an image, but changing an image to represent a 3D rotation of the object in the image.
Ideally you wouldn't be working with this as an image but rather as a 3D object with a different camera angle. Then you would simply rotate the camera around the object and display the resulting image to the user.
However if you're set on doing this as an image, then you need to create a different images representing various states of rotation of your planet and have a separate thread that would replace the displayed image with the next one in sequence, at repeated intervals. Search the web for "java image animation" - there are plenty of tutorials on how to do this.
If you want to rotate an image in 2d space, you can use something like this:
Image image = ...
Graphics2D g2d = ...; //
g2d.translate(170, 0); // If needed
g2d.rotate(1); // Rotate the image by 1 radian
//or g2d.rotate(180.0/3.14); to rotate by 1 degree
g2d.drawImage(image, 0, 0, 200, 200, observer);