A method for monitoring gear condition of a lifting equipment (2-2) comprising performing following acts with respect to a said lifting equipment (2-2) that comprises an electrical motor (2-8) and a speed output unit (2-10), and the electrical motor (2-8) is followed by a gear (2-16), wherein the electrical motor (2-8) is driven by a motor drive (2-6) and the electrical motor (2-8) and the motor drive (2-6) are in a closed-loop configuration, and the motor drive (2-6) utilizes a closed-loop speed feedback signal (2-12) for controlling the electrical motor (2-8), in which method the following acts are performed by a data processing system (1-100) operationally coupled to the lifting equipment (2-2); - monitoring a first set of frequencies (3-2, 4-2) from the lifting equipment (2-2) over a measurement period when the lifting equipment (2-2) 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 (2-2) over a measurement period when the lifting equipment (2-2) 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 (2-12) or its derivative (2-12'), said closed-loop speed feedback signal (2-12) or its derivative (2-12') comprising information of rotational speed over time of the electrical motor (2-8), wherein said rotational speed information is sampled at equal intervals. - monitoring a first set of frequencies (3-2, 4-2) from the lifting equipment (2-2) over a measurement period when the lifting equipment (2-2) 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 (2-2) over a measurement period when the lifting equipment (2-2) 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 (2-12) or its derivative (2-12'), said closed-loop speed feedback signal (2-12) or its derivative (2-12') comprising information of rotational speed over time of the electrical motor (2-8), wherein said rotational speed information is sampled at equal intervals. <EOS>