A method for monitoring gear condition of a lifting equipment comprising performing following acts with respect to a said lifting equipment that comprises an electrical motor and a speed output unit, and the electrical motor is followed by a gear, wherein the electrical motor is driven by a motor drive and the electrical motor and the motor drive are in a closed-loop configuration, and the motor drive utilizes a closed-loop speed feedback signal for controlling the electrical motor, in which method the following acts are performed by a data processing system operationally coupled to the lifting equipment; - monitoring a first set of frequencies (3-2, 4-2) from the lifting equipment over a measurement period when the lifting equipment is in a known good operating condition; - storing the first set of monitored frequencies or derivatives thereof as reference data in a long-term storage system; - monitoring a second set of frequencies (5-2, 6-2) from the lifting equipment over a measurement period when the lifting equipment is in an unknown operating condition; - comparing the second set of monitored frequencies with the first set of monitored frequencies in a frequency domain; - in the frequency domain, detecting changes between corresponding frequencies (3-12, 3-12') resulting from the second set of monitored frequencies and the first set of monitored frequencies; - indicating an alert condition if at least one detected change between the corresponding frequencies exceeds a predetermined threshold; and - maintaining data that indicates a set of predictor frequencies at which the detected changes correlate with wear better than at randomly selected frequencies; - wherein at least some of the first set of monitored frequencies and the second set of monitored frequencies are obtained from the closed-loop speed feedback signal or its derivative (2-12'), said closed-loop speed feedback signal or its derivative (2-12') comprising information of rotational speed over time of the electrical motor, wherein said rotational speed information is sampled at equal intervals. - monitoring a first set of frequencies (3-2, 4-2) from the lifting equipment over a measurement period when the lifting equipment is in a known good operating condition; - storing the first set of monitored frequencies or derivatives thereof as reference data in a long-term storage system; - monitoring a second set of frequencies (5-2, 6-2) from the lifting equipment over a measurement period when the lifting equipment is in an unknown operating condition; - comparing the second set of monitored frequencies with the first set of monitored frequencies in a frequency domain; - in the frequency domain, detecting changes between corresponding frequencies (3-12, 3-12') resulting from the second set of monitored frequencies and the first set of monitored frequencies; - indicating an alert condition if at least one detected change between the corresponding frequencies exceeds a predetermined threshold; and - maintaining data that indicates a set of predictor frequencies at which the detected changes correlate with wear better than at randomly selected frequencies; - wherein at least some of the first set of monitored frequencies and the second set of monitored frequencies are obtained from the closed-loop speed feedback signal or its derivative (2-12'), said closed-loop speed feedback signal or its derivative (2-12') comprising information of rotational speed over time of the electrical motor, wherein said rotational speed information is sampled at equal intervals.