The integration of artificial intelligence (AI) into the industrial sector has not only driven innovation but also expanded the ethical landscape, necessitating a reevaluation of principles governing technology and its applications and awareness in research and development of industrial AI solutions. This chapter explores how AI-empowered industrial innovation inherently intersects with ethics, as advancements in AI introduce new challenges related to transparency, accountability, and fairness. In the chapter, we then examine the ethical aspects of several examples of AI manifestation in industrial use cases and associated factors such as ethical practices in the research and development process and data sharing. With the progress of ethical industrial AI solutions, we emphasize the importance of embedding ethical principles into industrial AI systems and its potential to inspire technological breakthroughs and foster trust among stakeholders. This chapter also offers actionable insights to guide industrial research and development toward a future where AI serves as an enabler for ethical and responsible industrial progress as well as a more inclusive industrial ecosystem.