Decarbonizing sectors that are challenging and economically demanding to electrify, such as heavy-duty ground transportation, aviation, and industries like ammonia, steel, petroleum refining, synthetic fuels, and cement production, is crucial in addressing climate change and environmental pollution. The key strategy for reducing the reliance of these sectors on fossil fuels and cutting emissions involves utilizing hydrogen with low carbon intensity. Proton exchange membrane water electrolyzers (PEMWEs) play a vital role in this transition due to their high efficiency, rapid response time, and capability to electrochemically compress hydrogen. However, despite making encouraging progress, significant improvements in catalyst activity and utilization are necessary to lower loadings to levels that meet ambitious cost targets.One critical aspect of enhancing catalyst performance for achieving high currents at efficient low voltages is minimizing overpotential losses. These losses result from electron, proton, and water transport to the oxygen evolution catalysts. Additionally, there are secondary current-induced loss mechanisms, including membrane and electrode dry-out and ionic contaminant polarization.In this presentation, we will delve into the relevant transport mechanisms and the fundamental limits of reducing these overpotentials through modeling. We have evaluated the transport properties of electrodes that are challenging to directly probe due to their micrometer and sub-micrometer length scales using ultra-high-resolution three-dimensional imaging with X-ray computed tomography (nano-CT) and plasma-focused ion beam cross-sectioning with scanning electron microscopy (pFIB-SEM) for image-based simulations. Subsequently, we will briefly review existing methods for experimentally diagnosing transport limitations, as well as highlight new methods currently under development in our laboratory. These new diagnostics include a galvanostatic intermittent titration technique (GITT) for electrolyzers and a limiting-current diagnostic for PEMWEs. The presentation will conclude by highlighting fresh insights into the significance of two-phase transport, electrode and membrane dry-out, all enabled by these diagnostics and modeling.