High pressure (could be up to 200 bars) water electrolysis increases the efficiency of this process. That is why, there are two types of water electrolyzers, namely: atmospheric (which has lower efficiency) and high-pressure (which has the highest efficiency).
First, you not need to reach 200 bars pressure. I'm just providing the range.
There is another state-of-the-art methodology for water splitting at room temperature using the so-called artificial leaf. My colleague at Harvard University (Dan Nocera) has developed this technology using a special catalyst that he developed.
You can go to Harvard.edu and search for Daniel Nocera's research on the artificial leaf.
Prof Khailil, I agree that Prof Nocera's work on the artificial leaf is very promising:
http://news.mit.edu/2011/artificial-leaf-0930
http://nocera.harvard.edu/Publications2016
but its not quite ready yet.
High pressure electrolysis is also very interesting. It still can't compete with steam methane reforming because most of the energy input is electricity and it take about 2 Cal of fuel or more to make every Cal of electricity you produce but it is still a huge step in the right direction. Pumping water instead of compressing H2 and O2 is a big advantage of the process. I think the key to success may be finding an application where both the high pressure H2 and the high pressure O2 are put to good use.