There is a never ending debate on this topic. My personal opinion is yes. Of course there are certain conditions. First of all, the project manager needs to be willing to learn the basics of the new industry and the common language. Then the organization and the project need to support that (if your organization requires you to be an expert in that field you will probably fail on short term). Last but not least you need to have the domain experts onboard and you need to be able to trust them. And they need to be aware that you are not a domain expert but a project management expert.