Does PEC stand for photoelectrochemical? Water splitting system includes a light harvesting to form e-hole pair, charge separation and compartments for catalytic OER and HER. There are numerous unsolved problems in each subsystem. I would advise you to read about light harvesting. If you are talking about performance, then you need to think about a quantum yield.
For commercial photoelectrochemical (PEC) water splitting system requirement of high energy is one of the major constraint. For example splitting one litre of water would take at least 16 MJ (4.4 kWh) which is an enormous expense on an industrial scale.
Pratik Mane Often the materials used aren't strong, resulting in poor durability and reduced service life of the system. To improve longevity, one has to go with advanced materials, which adds cost to the system. So this cost is a hurdle the wider commercial market of PEC water splitting.