There are two areas in the machine where sparking happens and each might reduce the motor's efficiency which might be revealed under heavy load conditions.
The speed control itself - relatively easy to service - just clean up the contacts and remove the soot.
Secondly and a bit more challenging is to clean up the motor's commutator until it has no blackening streaks on it - very fine abrasive paper while you rotate the armature by hand.
These are my ideas...
Good Luck..., May 2016