Underwater wireless communication (UWC) equipment facilitates information transmission and data exchange in underwater environments, playing vital roles in marine scientific research, underwater network monitoring, underwater collaborative operation, and marine safety maintenance. This study explores four primary UWC equipment categories: underwater acoustic communication, underwater optical communication, underwater electromagnetic communication, and underwater magnetic induction communication. It conducts in-depth analyses of the technical challenges associated with each category, comprehensively reviews their development status in China and abroad, and forecasts future trends. Focusing on the UWC industry of China, we summarize the development challenges in terms of overarching gaps, common issues, and top-level system, and propose the following development suggestions: (1) improving fundamental mechanisms and addressing common issues, (2) prioritizing breakthroughs in industry core areas, (3) elucidating the top-level system structure of the UWC equipment, and (4) enhancing safeguard measures and support policies. This study is expected to provide references for understanding the developmental trend and promoting the research and application of the UWC equipment.