Is it possible to place a figure within a multirow cell? The vertical alignment is ruined. Does it have to do anything with tikz's bounding boxes?
The following mwe produces the following result

Edit
Clarification after Gonzalo Medina's answer.
Why is it necessary to restrict the width of the figure? The figure is a box. Is it not possible to just fit this box in the merged cell? I have some figures that have to be rather big in order to be viewable.
Edit 2
After G.M.'s comment I realized that multirow works only horizontally and not vertically. Unfortunately, I can't make the figures much smaller because they don't look nice. So I have to increase the height of the unmerged rows.
Perhaps a work around would be to calculate the height of the *.pdf, divide it by the number of unmerged rows and use \vphantom{} on the unmerged cells to increase their height. Or some kind of a box. Probably increasing the arraystretch would work too if there are no rows without figures.
Is there a more robust way to handle this sitution?
\documentclass[]{article}
\usepackage{amsmath}
\usepackage{graphicx}
\usepackage{booktabs}
\usepackage{multirow}
\usepackage{tabu}
\begin{document}
\begin{table}
\centering
\renewcommand{\arraystretch}{2}
\begin{tabu}{ccc}
\toprule
Sections & Axis & Imperfections\\
\midrule
\multirow{2}{*}{\includegraphics[width=3cm]{circular_hollow.pdf}} & $y-y$ & $\dfrac{L}{200}$ \\
& $z-z$ & $\dfrac{L}{150}$ \\
\bottomrule
\end{tabu}
\end{table}
\end{document}
circular_hollow.pdf is produced by the following file
\documentclass[a4paper,12pt,fleqn]{article}
\usepackage{graphicx}
\usepackage[usenames,dvipsnames,svgnames]{xcolor}
\usepackage{mathtools}
\usepackage{tkz-tab,tkz-euclide}
\usetkzobj{all} % all the objects
\usepackage[xetex,active,tightpage]{preview}
\PreviewEnvironment[]{tikzpicture}
\PreviewEnvironment[]{pgfpicture}
\begin{document}
\begin{tikzpicture}[>=stealth]
\tkzInit[xmin=-4.5, xmax=4.5, ymin=-4.5, ymax=4.5]
\useasboundingbox(-4.5, -4.5) rectangle (4.5, 4.5);
% Concrete and steel section
\tkzDefPoints{0/0/O, 0/3/R}
\tkzDrawCircle[fill=black!10,line width=8pt](O,R)
% Steel Rebars + Stirrups
\tkzDefPoints{0/0/O, 0/2.3/R}
\tkzDrawCircle[fill=black!30,line width=2pt](O,R)
\foreach \a in {0,30,...,360}{%
\tkzDefPoint(\a:2){A}
\tkzDrawPoint(A)
}
% Axes
\tkzDefPoints{0/0/O, -4/0/Y, 0/-4/Z}
\tkzLabelPoint[left](Y){\huge $y$}
\tkzLabelPoint[below](Z){\huge $z$}
\tkzDrawSegments[line width=2pt,->](O,Y O,Z)
\end{tikzpicture}
\end{document}

multirowhttp://tex.stackexchange.com/questions/30488/image-dropping-down-in-multirow-table – pmav99 Aug 10 '12 at 20:57\multirowplaces the material without performing any scaling; since you are usng\multirow{2}{*}{...}, the width of the merged cell will be the natural width of the image, but the height of the merged cell is still the same as it was without the image so if you don't reduce the size of the image, the image will protrude and you will get an overfull\vboxwarning. – Gonzalo Medina Aug 10 '12 at 21:32